Reinsurance News
InsurTech news
Insurance and reinsurance technology related news, focused on the wave of interest in InsurTech start-ups, investing in insurance technology initiatives, as well as reinsurance tech start-ups or ReinsurTech.
Adit Ventures agrees to seed Aanika Re
27th July 2022
Adit Ventures has agreed to seed Aanika Re, a Bermuda-based insurance vehicle wholly owned by Aanika Biosciences. Aanika Biosciences is a Brooklyn based synthetic biology startup that uses microbes to improve food safety. The company was founded in 2018 by Vishal Bhuyan and Dr. Ellen Jorgensen. Its mandate is to leverage the ... Read the full article
Cover Genius acquires Booking Protect
26th July 2022
Cover Genius, the insurtech for embedded insurance, has acquired Booking Protect, a company specialising in embedded ticket protection for ticket sellers, platforms and live event companies in the UK and Australia. Booking Protect enables the world’s largest digital companies to embed offers for any line of insurance or warranty ... Read the full article
Insurtech Gateway completes first close on Seed Fund II
22nd July 2022
Insurtech Gateway, an independent insurtech incubator authorised by the FCA, has announced the first close of Seed Fund II. According to the announcement, this funding will allow the Gateway to support another 20 teams over the next 4 years from pre-seed to Series A. Insurtech Gateway was founded in 2016 with a ... Read the full article
Aspen backs excess insurance policy by Counterpart
21st July 2022
Management liability insurtech Counterpart has announced the launch of an excess insurance product for small businesses, backed by Aspen. According to Counterpart, the excess policy aims to support small businesses in a time of heightened litigation. Counterpart utilises proprietary data and technology to respond to the increasing settlement and legal expenses, which ... Read the full article
Koffie Insurance raises $11 million to drive expansion and growth
21st July 2022
Koffie Insurance, an insurtech that focuses on providing financial services to the trucking and transportation sector, has announced the closing of an $11 million Series A, which now brings the company’s total funding to date to $15.5 million. The round was led by Anthemis Group which specializes in funding best-in-class, high-growth, ... Read the full article
SCOR to use Concirrus’ Marine Hull Market Model
20th July 2022
Global insurer and reinsurer SCOR has adopted the Marine Hull Market Model from insurtech Concirrus to improve loss ratios within its marine line of business. Concirrus’ Model - delivered via its data and analytics platform, Quest - leverages the insight of multiple data sources for a market-wide perspective on valuing an ... Read the full article
Swiss Re & Cover Whale teaming up to improve auto accident risk assessment
20th July 2022
Swiss Re and leading insurtech for commercial auto insurance, Cover Whale Insurance Solutions Inc., are teaming up to improve auto accident risk assessment. Cover Whale will use Swiss Re’s Motor Market Analyzer to further enhance its product offerings to customers. Swiss Re’s Motor Market Analyzer is a proprietary predictive model, which provides ... Read the full article
FutureProof hires Joe Strickland as Head of Underwriting
19th July 2022
FutureProof, a climate-smart property & casualty (P&C) insurtech, has appointed Joseph Strickland as Head of Underwriting. He joins from AIG’s Lexington Specialty Insurance Agency where he served as Senior Vice President for Wholesale Property. Within that role he led regional property teams across the US. “Joe’s unique combination of Florida knowledge, deep ... Read the full article
Generali GC&C partners with Previsico on flood resilience
19th July 2022
Generali Global Corporate & Commercial (GC&C) has partnered with Previsico, a live flood alert insurtech company to “significantly” enhance UK clients’ flood emergency response readiness. Generali GC&C aims to broaden its own insurance coverage capabilities using Previsico’s technical expertise and warning solutions which provide live, actionable surface water flood warnings not ... Read the full article
Hourly.io appoints Markel’s Jerico Vinsonhaler as Head of Underwriting
19th July 2022
Fast-growing insurtech start-up, Hourly.io has appoint former Markel executive Jerico Vinsonhaler to serve as Head of Underwriting. Within this role, Vinsonhaler will oversee Hourly's overall underwriting strategy, portfolio management, as well as manage its underwriting team. Vinsonhaler spent 20 years at Markel, where she led the firms underwriting strategy. Prior to Markel, she ... Read the full article
On matching risk with capital in insurance
18th July 2022
The insurance industry has acquired a reputation for sluggishness. In my experience, however, the appetite to embrace change among insurers and reinsurers is strong. Especially when there is the very real prospect of improving the offering to customers, the products, the way businesses operate, and the efficiency of capital. Despite a number ... Read the full article
Element adding a Co-CEO and raising new capital
15th July 2022
Berlin-based Element, an insurtech start-up, has announced that insurance expert Astrid Stange will join the management team as Co-CEO of the company as of August 1, 2022 and subject to approval by the German Federal Financial Supervisory Authority. She will work alongside Element CEO - Christian Macht, to help lead and ... Read the full article
Pattern appoints Joyce Segall as Head of Underwriting
15th July 2022
Global insurtech Managing General Agent (MGA), Pattern, has appointed Joyce Segall as Head of Underwriting. Segall joins the firms US office and brings over 20 years of experience within underwriting and product development. Some of her previous roles have included leadership positions, heavily focused on innovation, underwriting, end-to-end product development and strategy ... Read the full article
Tensorflight partners with Airbus to boost property assessment capability
15th July 2022
Tensorflight, the AI imaging based insurtech, is partnering with Airbus Defence and Space to increase its property analysis and assessment capabilities. Tensorflight uses three sources of imagery - satellite, aerial and ground level - to automate the process of property inspections and to help insurance companies evaluate commercial ... Read the full article
Expenses around implementing tech top concerns for insurers
15th July 2022
A new report from PwC has found that the most-important driver for insurers embracing new technology has been to lower expense ratios. The survey, Underwriting Transformation Survey: Invest in Change – Drivers, Opportunities, and Risk in the London Market, found that only 3% of respondents saying that this reason was of ... Read the full article
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